The banner which will help transform the Spirit of Chartwell river cruiser into a sumptuous royal barge. Photograph: Colin Baldwin/PA

It is an opulent nod to the East End's pearly kings and queens; a three-metre banner decorated with more than half a million gold-coloured buttons.

And on 3 June it will help transform the river cruiser, the Spirit of Chartwell, into a sumptuous royal barge rivalling those of the 17th century, to carry the Queen and other member of the royal family during the Thames diamond jubilee pageant.

Artist and sculptor Ann Carrington wanted to echo the east London working-class tradition of "Pearlies" begun by barrow boy Henry Croft who covered his suit in buttons to draw attention to his charitable work raising alms for the poor.

Pageant organisers will be anxious, however, that such inspiration does not tempt fate on the day. Legend has it that Croft salvaged his eye-catching accessories when a Japanese ship carrying a cargo of pearl buttons foundered in the Thames spilling its load on to the river's banks for local barrow boys and costermongers (apple sellers) to find.

The banner, which is so heavy it has to be manoeuvred by fork-lift, will decorate the stern of the barge, loaned to transport the Queen as part of the 1,000 vessel flotilla which, including mustering and dispersal, will stretch for seven miles, and include 20,000 participants.

Depicting a crown, flanked by a lion and unicorn and the royal motto "Dieu et mon droit", it is one of several adaptations to the Spirit of Chartwell which has, for the past two months, undergone Hollywood film-set treatment in preparation for a starring role during the jubilee festivities.

Its entire superstructure is being decorated in gold-tinted film, while the prow will sport a dramatic Baroque-style gilded carving of Old Father Thames flanked by two dolphins, moulded from three tonnes of clay and covered in 22-carat gold leaf.

Hundreds of red, gold and purple flowers, plucked from the Queen's extensive gardens, will be added to ornamental flourishes as Joseph Bennett, a film production designer, adapts the interior. The boat, which can be hired for Thames cruises, already has interiors inspired by the Orient Express "Pullman Côte d'Azur" railway carriage created by René Lalique in 1929 with original Lalique details.

Carrington, who last year was invited by the UN to help raise awareness of current issues through her artwork had to get the design of the red velvet banner approved by the College of Arms who are responsible for all of the UK's heraldry.

"With my banner on board, as well as the wonderful traditional carvings and designs the Royal Barge will be like a giant floating art gallery. Having used images of the Queen as part of my work for many years I'm delighted to have the opportunity to make a piece to help celebrate her Diamond Jubilee," she said.